Italian financial police had seized the assets saying they belonged to members of the Gaddafi family, but the Libyan Investment Authority (LIA) said that was not true.
“These assets belong to LIA, which in turn is controlled by the governemnt of Libya on behalf of the Libyan people,” the chairman of the fund’s management committee, Mohsen Derregia, said in a statement.
He said LIA would file an appeal with the appeals court in Rome on Friday.
The seized assets include stakes in Italy’s largest bank by assets UniCredit, oil and gas giant Eni, defence group Finmeccanica, carmaker Fiat, truckmaker Fiat Industrial and soccer club Juventus .
(Reporting By Silvia Aloisi)